Northwestern Mutual Series Fund NPORTP Short-Term Bond Portfolio (Sep 2024 report)

Short-Term Bond Portfolio

SCHEDULE OF INVESTMENTS

September 30, 2024 (unaudited)


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Basic Materials (1.1%)
Celanese US Holdings LLC 6.050%, 3/15/25		334,000		335
LYB International Finance III LLC 1.250%, 10/1/25		373,000		361
MEGlobal Canada ULC 5.000%, 5/18/25 §		960,000		959
Newmont Corp. / Newcrest Finance Pty, Ltd. 5.300%, 3/15/26		240,000		243
Nucor Corp. 3.950%, 5/23/25		275,000		273
Nutrien, Ltd. 4.900%, 3/27/28		240,000		245
POSCO 4.375%, 8/4/25 §		1,000,000		996
The Sherwin-Williams Co. 4.250%, 8/8/25		230,000		229
4.550%, 3/1/28		440,000		446
Steel Dynamics, Inc. 2.800%, 12/15/24		200,000		199


Total				4,286



Communications (2.5%)
AT&T, Inc. 4.100%, 2/15/28		205,000		205
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 7/23/25		482,000		481
6.150%, 11/10/26		255,000		262
Cox Communications, Inc.
3.350%, 9/15/26 144A		175,000		171
3.500%, 8/15/27 144A		215,000		210
Crown Castle Towers LLC
4.241%, 7/15/48 144A		175,000		171
KT Corp.
4.000%, 8/8/25 144A		1,020,000		1,014
4.125%, 2/2/28 144A		200,000		199
NBN Co., Ltd.
1.450%, 5/5/26 144A		1,000,000		957
NTT Finance Corp.
4.239%, 7/25/25 144A		200,000		200
Rogers Communications, Inc. 2.950%, 3/15/25		930,000		921
3.200%, 3/15/27		690,000		672
5.000%, 2/15/29		570,000		582
T-Mobile USA, Inc. 2.250%, 2/15/26		470,000		457
3.500%, 4/15/25		595,000		591
Uber Technologies, Inc.
4.500%, 8/15/29 144A		921,000		913
Verizon Communications, Inc. 0.850%, 11/20/25		500,000		481
1.450%, 3/20/26		650,000		623
2.625%, 8/15/26		845,000		821


Total				9,931


Corporate Bonds (43.8%)	Shares/ Par ⁺		Value $ (000’s)
Consumer, Cyclical (6.4%)
Advance Auto Parts, Inc. 5.900%, 3/9/26		475,000		480
American Airlines Pass Through Trust, Series 2017-2, Class B 3.700%, 4/15/27		151,445		149
Aptiv PLC / Aptiv Global Financing DAC 4.650%, 9/13/29		270,000		269
AutoZone, Inc. 6.250%, 11/1/28		370,000		396
BMW US Capital LLC 4.600%, 8/13/27 144A		970,000		981
Daimler Truck Finance North America LLC 1.625%, 12/13/24 144A		580,000		576
5.000%, 1/15/27 144A		190,000		193
5.125%, 9/25/27 144A		345,000		353
5.150%, 1/16/26 144A		165,000		166
Darden Restaurants, Inc. 4.350%, 10/15/27		560,000		560
Dollar General Corp. 3.875%, 4/15/27		188,000		186
4.125%, 5/1/28		632,000		624
4.625%, 11/1/27		310,000		311
5.200%, 7/5/28		347,000		354
Ford Motor Credit Co. LLC 5.125%, 6/16/25		605,000		605
5.125%, 11/5/26		385,000		387
5.800%, 3/5/27		485,000		494
General Motors Financial Co., Inc. 2.900%, 2/26/25		965,000		957
5.350%, 7/15/27		575,000		588
5.400%, 4/6/26		300,000		304
5.400%, 5/8/27		235,000		240
5.550%, 7/15/29		185,000		191
Genuine Parts Co. 1.750%, 2/1/25		220,000		218
Hasbro, Inc. 3.000%, 11/19/24		1,030,000		1,026
Hyundai Capital America 5.250%, 1/8/27 144A		200,000		204
5.500%, 3/30/26 144A		270,000		274
5.600%, 3/30/28 144A		350,000		362
6.250%, 11/3/25 144A		260,000		265
Hyundai Capital Services, Inc. 2.125%, 4/24/25 144A		200,000		197
Lowe’s Companies, Inc. 1.700%, 9/15/28		107,000		97
3.350%, 4/1/27		175,000		172
4.400%, 9/8/25		660,000		660
4.800%, 4/1/26		385,000		388
Marriott International, Inc. 3.125%, 6/15/26		720,000		706
3.750%, 3/15/25		110,000		109
5.450%, 9/15/26		195,000		200
5.750%, 5/1/25		120,000		120
Mattel, Inc. 3.375%, 4/1/26 144A		445,000		435

Short-Term Bond Portfolio


Corporate Bonds (43.8%)	Shares/ Par ⁺		Value $ (000’s)
Consumer, Cyclical continued
5.875%, 12/15/27 144A		485,000		489
Mercedes-Benz Finance North America LLC 4.800%, 3/30/26 144A		410,000		413
4.800%, 1/11/27 144A		1,170,000		1,186
O’Reilly Automotive, Inc. 5.750%, 11/20/26		1,133,000		1,168
Ross Stores, Inc. 0.875%, 4/15/26		625,000		593
4.600%, 4/15/25		1,355,000		1,353
Starbucks Corp. 3.500%, 3/1/28		218,000		214
4.000%, 11/15/28		155,000		154
4.750%, 2/15/26		465,000		468
Tapestry, Inc. 7.000%, 11/27/26		95,000		98
7.050%, 11/27/25		80,000		82
Toyota Motor Credit Corp. 3.050%, 3/22/27		325,000		319
4.550%, 8/7/26		605,000		611
VF Corp. 2.400%, 4/23/25		881,000		866
2.800%, 4/23/27		455,000		431
Volkswagen Group of America Finance LLC 3.950%, 6/6/25 144A		390,000		387
4.850%, 8/15/27 144A		680,000		685
5.700%, 9/12/26 144A		335,000		343
5.800%, 9/12/25 144A		395,000		399
6.000%, 11/16/26 144A		380,000		391


Total				25,447


Consumer, Non-cyclical (7.9%)
AbbVie, Inc. 2.600%, 11/21/24		1,935,000		1,928
2.950%, 11/21/26		1,120,000		1,096
Altria Group, Inc. 2.625%, 9/16/26		424,000		411
BAT International Finance PLC 1.668%, 3/25/26		475,000		456
4.448%, 3/16/28		1,010,000		1,011
Becton Dickinson and Co. 3.734%, 12/15/24		170,000		170
4.693%, 2/13/28		805,000		815
Cardinal Health, Inc. 3.500%, 11/15/24		525,000		524
Centene Corp. 4.625%, 12/15/29		400,000		391
Coca-Cola European Partners PLC 1.500%, 1/15/27 144A		200,000		188
CSL Finance PLC 3.850%, 4/27/27 144A		200,000		198
CVS Health Corp. 1.300%, 8/21/27		1,070,000		983
2.875%, 6/1/26		265,000		259
3.000%, 8/15/26		220,000		215
5.000%, 2/20/26		560,000		564
Element Fleet Management Corp. 5.643%, 3/13/27 144A		355,000		364
Elevance Health, Inc. 5.350%, 10/15/25		180,000		182
ERAC USA Finance LLC 4.600%, 5/1/28 144A		735,000		744


Corporate Bonds (43.8%)	Shares/ Par ⁺		Value $ (000’s)
Consumer, Non-cyclical continued
5.000%, 2/15/29 144A		280,000		289
HCA, Inc. 3.125%, 3/15/27		580,000		564
5.375%, 2/1/25		350,000		350
5.625%, 9/1/28		870,000		903
5.875%, 2/15/26		390,000		394
Health Care Service Corp. 1.500%, 6/1/25 144A		780,000		763
5.200%, 6/15/29 144A		290,000		299
Heineken NV 3.500%, 1/29/28 144A		1,972,000		1,937
HPHT Finance 19, Ltd. 2.875%, 11/5/24 §		1,200,000		1,197
Humana, Inc. 1.350%, 2/3/27		75,000		70
3.850%, 10/1/24		545,000		545
4.500%, 4/1/25		565,000		564
5.750%, 3/1/28		140,000		146
Icon Investments Six DAC 5.809%, 5/8/27		735,000		758
IQVIA, Inc. 6.250%, 2/1/29		255,000		271
The Kroger Co. 2.650%, 10/15/26		404,000		392
3.700%, 8/1/27		103,000		102
4.600%, 8/15/27		181,000		183
Mars, Inc. 4.550%, 4/20/28 144A		770,000		779
Mondelez International, Inc. 2.625%, 3/17/27		415,000		401
4.250%, 9/15/25 144A		305,000		304
PayPal Holdings, Inc. 2.850%, 10/1/29		743,000		699
PeaceHealth Obligated Group 1.375%, 11/15/25		105,000		101
Pelabuhan Indonesia Persero PT 4.875%, 10/1/24 §		950,000		950
Pernod Ricard SA 3.250%, 6/8/26 144A		835,000		822
Perrigo Finance Unlimited Co. 3.900%, 12/15/24		372,000		371
Philip Morris International, Inc. 4.875%, 2/13/26		490,000		495
5.000%, 11/17/25		295,000		297
5.125%, 11/15/24		585,000		585
S&P Global, Inc. 2.450%, 3/1/27		1,120,000		1,080
Solventum Corp. 5.450%, 2/25/27 144A		985,000		1,005
Stryker Corp. 4.250%, 9/11/29		450,000		451
Utah Acquisition Sub, Inc. 3.950%, 6/15/26		564,000		558
Viatris, Inc. 2.300%, 6/22/27		429,000		404
Viterra Finance BV 2.000%, 4/21/26 144A		200,000		192
4.900%, 4/21/27 144A		600,000		605

Short-Term Bond Portfolio


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Consumer, Non-cyclical continued
Zoetis, Inc. 3.000%, 9/12/27		1,042,000		1,010


Total				31,335



Energy (3.0%)
6297782 LLC 4.911%, 9/1/27 144A		365,000		368
Aker BP ASA 2.000%, 7/15/26 144A		246,000		235
Canadian Natural Resources, Ltd. 2.050%, 7/15/25		760,000		744
Columbia Pipelines Holding Co. LLC 6.055%, 8/15/26 144A		90,000		92
DCP Midstream Operating LP 5.375%, 7/15/25		662,000		664
Diamondback Energy, Inc. 5.200%, 4/18/27		265,000		270
Enbridge, Inc.
2.500%, 1/15/25		640,000		635
2.500%, 2/14/25		330,000		327
5.900%, 11/15/26		230,000		237
6.000%, 11/15/28		190,000		202
Energy Transfer LP
2.900%, 5/15/25		115,000		114
5.250%, 7/1/29		320,000		330
6.050%, 12/1/26		875,000		906
Equinor ASA 2.875%, 4/6/25		880,000		872
Gray Oak Pipeline LLC 2.600%, 10/15/25 144A		205,000		200
Occidental Petroleum Corp.
5.000%, 8/1/27		320,000		324
5.200%, 8/1/29		230,000		234
5.875%, 9/1/25		555,000		557
ONEOK, Inc.
4.250%, 9/24/27		785,000		786
5.550%, 11/1/26		410,000		419
Ovintiv, Inc. 5.650%, 5/15/25		465,000		467
Pioneer Natural Resources Co. 5.100%, 3/29/26		505,000		512
Sabine Pass Liquefaction LLC 5.625%, 3/1/25		228,000		228
TransCanada PipeLines, Ltd. 6.203%, 3/9/26		910,000		911
The Williams Cos., Inc.
4.800%, 11/15/29		330,000		335
5.400%, 3/2/26		985,000		998


Total				11,967



Financial (15.2%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.650%, 10/29/24		331,000		330
6.100%, 1/15/27		270,000		280
6.450%, 4/15/27		842,000		882
American Express Co.
2.250%, 3/4/25		975,000		965
5.043%, (US SOFR plus 0.930%), 7/26/28 α		350,000		358
5.098%, (US SOFR plus 1.000%), 2/16/28 α		215,000		219


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Financial continued
American Tower Corp.
1.600%, 4/15/26		931,000		892
2.400%, 3/15/25		360,000		356
3.550%, 7/15/27		379,000		371
Athene Global Funding
1.716%, 1/7/25 144A		930,000		921
4.860%, 8/27/26 144A		440,000		443
5.349%, 7/9/27 144A		430,000		439
5.684%, 2/23/26 144A		550,000		558
Avolon Holdings Funding, Ltd.
2.125%, 2/21/26 144A		610,000		587
2.875%, 2/15/25 144A		435,000		430
5.750%, 3/1/29 144A		390,000		402
6.375%, 5/4/28 144A		185,000		193
Banco del Estado de Chile 2.704%, 1/9/25 144A		260,000		258
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander Mexico 5.375%, 4/17/25 §		800,000		801
Banco Santander SA
3.496%, 3/24/25		600,000		596
5.552%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.250%), 3/14/28 α		400,000		409
Bank Mandiri Persero Tbk PT 5.500%, 4/4/26 §		970,000		978
Bank of America Corp.
1.734%, (US SOFR plus 0.960%), 7/22/27 α		415,000		396
3.384%, (US SOFR plus 1.330%), 4/2/26 α		580,000		575
5.080%, (US SOFR plus 1.290%), 1/20/27 α		395,000		398
Bank of Montreal 3.700%, 6/7/25		775,000		770
The Bank of New York Mellon Corp.
4.414%, (US SOFR plus 1.345%), 7/24/26 α		515,000		514
4.947%, (US SOFR plus 1.026%), 4/26/27 α		560,000		565
5.148%, (US SOFR plus 1.067%), 5/22/26 α		410,000		412
Banque Federative du Credit Mutuel SA
0.998%, 2/4/25 144A		665,000		656
4.935%, 1/26/26 144A		400,000		403
Barclays PLC
5.304%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.300%), 8/9/26 α		385,000		386
7.325%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 3.050%), 11/2/26 α		390,000		400
BPCE SA 4.500%, 3/15/25 144A		790,000		786
Brighthouse Financial Global Funding 1.550%, 5/24/26 144A		145,000		138
CaixaBank SA 6.684%, (US SOFR plus 2.080%), 9/13/27 144A α		615,000		640
Capital One Financial Corp.
2.636%, (US SOFR plus 1.290%), 3/3/26 α		585,000		579
4.985%, (US SOFR plus 2.160%), 7/24/26 α		460,000		460
6.312%, (US SOFR plus 2.640%), 6/8/29 α		255,000		269
7.149%, (US SOFR plus 2.440%), 10/29/27 α		240,000		253

Short-Term Bond Portfolio


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Financial continued
The Charles Schwab Corp. 2.450%, 3/3/27		906,000		870
Citigroup, Inc.
3.106%, (US SOFR plus 2.842%), 4/8/26 α		650,000		644
4.400%, 6/10/25		250,000		249
5.174%, (US SOFR plus 1.364%), 2/13/30 α		375,000		385
CNO Global Funding
1.650%, 1/6/25 144A		685,000		678
1.750%, 10/7/26 144A		830,000		786
Corebridge Financial, Inc. 3.500%, 4/4/25		455,000		452
Corebridge Global Funding
4.650%, 8/20/27 144A		205,000		207
5.200%, 1/12/29 144A		185,000		190
Creditcorp, Ltd. 2.750%, 6/17/25 144A		200,000		196
Crown Castle, Inc.
1.050%, 7/15/26		615,000		580
2.900%, 3/15/27		580,000		561
4.450%, 2/15/26		570,000		570
5.000%, 1/11/28		185,000		188
5.600%, 6/1/29		295,000		308
Danske Bank A/S
4.613%, (US Treasury Yield Curve Rate T Note Constant Maturity 5 year plus 1.100%), 10/2/30 144A α		385,000		385
5.427%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.950%), 3/1/28 144A α		390,000		400
6.259%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.180%), 9/22/26 144A α		265,000		269
Equitable Financial Life Global Funding
1.000%, 1/9/26 144A		210,000		201
1.100%, 11/12/24 144A		530,000		528
1.400%, 7/7/25 144A		75,000		73
1.700%, 11/12/26 144A		305,000		289
Fifth Third Bancorp 4.895%, (US SOFR plus 1.486%), 9/6/30 α		160,000		162
Fifth Third Bank NA 5.852%, (US SOFR Index plus 1.230%), 10/27/25 α		1,235,000		1,235
First American Financial Corp. 4.600%, 11/15/24		195,000		194
The Goldman Sachs Group, Inc.
3.500%, 4/1/25		490,000		487
4.482%, (US SOFR plus 1.725%), 8/23/28 α		390,000		392
5.700%, 11/1/24		230,000		230
5.798%, (US SOFR plus 1.075%), 8/10/26 α		625,000		631
HSBC Holdings PLC
1.645%, (US SOFR plus 1.538%), 4/18/26 α		910,000		893
5.597%, (US SOFR plus 1.060%), 5/17/28 α		520,000		535
Huntington National Bank
5.699%, (US SOFR plus 1.215%), 11/18/25 α		270,000		270
Jackson National Life Global Funding
1.750%, 1/12/25 144A		620,000		614
5.550%, 7/2/27 144A		355,000		365
5.600%, 4/10/26 144A		615,000		624


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Financial continued
JPMorgan Chase & Co.
2.083%, (US SOFR plus 1.850%), 4/22/26 α		890,000		876
4.080%, (US SOFR plus 1.320%), 4/26/26 α		865,000		861
4.979%, (US SOFR plus 0.930%), 7/22/28 α		395,000		403
5.040%, (US SOFR plus 1.190%), 1/23/28 α		375,000		381
6.175%, (US SOFR plus 0.885%), 4/22/27		350,000		352
Kilroy Realty LP 4.375%, 10/1/25		180,000		179
LeasePlan Corp. NV 2.875%, 10/24/24 144A		1,005,000		1,003
Lloyds Banking Group PLC
5.462%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.375%), 1/5/28 α		460,000		470
LPL Financial Holdings, Inc.
5.700%, 5/20/27		579,000		592
6.750%, 11/17/28		190,000		204
Marsh & McLennan Cos., Inc. 3.750%, 3/14/26		105,000		104
MassMutual Global Funding II 5.100%, 4/9/27 144A		1,020,000		1,047
Morgan Stanley
1.164%, (US SOFR plus 0.560%), 10/21/25 α		445,000		444
2.630%, (US SOFR plus 0.940%), 2/18/26 α		545,000		540
6.138%, (US SOFR plus 1.770%), 10/16/26 α		525,000		533
Morgan Stanley Bank NA 4.754%, 4/21/26		475,000		479
Nasdaq, Inc. 5.650%, 6/28/25		95,000		96
Northern Trust Corp. 3.950%, 10/30/25		330,000		329
The PNC Financial Services Group, Inc.
4.758%, (US SOFR Index plus 1.085%), 1/26/27 α		575,000		577
5.671%, (US SOFR Index plus 1.090%), 10/28/25 α		760,000		760
5.812%, (US SOFR plus 1.322%), 6/12/26 α		215,000		216
QNB Finance, Ltd. 2.625%, 5/12/25 §		300,000		295
Realty Income Corp. 5.050%, 1/13/26		140,000		140
Reinsurance Group of America, Inc. 3.950%, 9/15/26		428,000		425
Santander Holdings USA, Inc.
2.490%, (US SOFR plus 1.249%), 1/6/28 α		410,000		389
6.124%, (US SOFR plus 1.232%), 5/31/27 α		80,000		82
SBA Tower Trust
1.631%, 5/15/51 144A		365,000		342
1.884%, 1/15/26 144A		290,000		280
2.328%, 7/15/52 144A		225,000		208
2.836%, 1/15/50 144A		770,000		764
3.869%, 10/15/49 144A		120,000		120
4.831%, 10/15/29 144A		1,125,000		1,119
6.599%, 11/15/52 144A		619,000		644
Simon Property Group LP 3.375%, 10/1/24		450,000		450

Short-Term Bond Portfolio


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Financial continued
Societe Generale SA
5.519%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.500%), 1/19/28 144A α		970,000		984
Standard Chartered PLC
1.822%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.950%), 11/23/25 144A α		255,000		254
5.688%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.050%), 5/14/28 144A α		390,000		401
State Bank of India 1.800%, 7/13/26 §		1,050,000		1,002
State Street Corp.
4.857%, (US SOFR plus 0.604%), 1/26/26 α		245,000		245
5.104%, (US SOFR plus 1.130%), 5/18/26 α		385,000		386
5.272%, 8/3/26		685,000		700
UBS Group AG
1.494%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.850%), 8/10/27 144A α		215,000		203
4.488%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.550%), 5/12/26 144A α		200,000		199
6.327%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.600%), 12/22/27 144A α		425,000		442
US Bancorp 4.548%, (US SOFR plus 1.660%), 7/22/28 α		590,000		595
5.727%, (US SOFR plus 1.430%), 10/21/26 α		320,000		324
Wells Fargo & Co.
2.188%, (US SOFR plus 2.000%), 4/30/26 α		400,000		394
3.908%, (US SOFR plus 1.320%), 4/25/26 α		610,000		606
4.540%, (US SOFR plus 1.560%), 8/15/26 α		590,000		589
The Western Union Co. 2.850%, 1/10/25		1,225,000		1,216


Total				60,153



Industrial (2.6%)
Amcor Flexibles North America, Inc. 4.000%, 5/17/25		450,000		447
Amphenol Corp.
2.050%, 3/1/25		405,000		400
4.750%, 3/30/26		205,000		207
5.050%, 4/5/27		205,000		210
BAE Systems PLC
5.000%, 3/26/27 144A		450,000		457
The Boeing Co.
6.259%, 5/1/27 144A		465,000		480
Canadian Pacific Railway Co. 1.350%, 12/2/24		725,000		720
1.750%, 12/2/26		315,000		300
FedEx Corp. 3.250%, 4/1/26		613,000		604
Fortive Corp. 3.150%, 6/15/26		438,000		429
GATX Corp. 3.250%, 3/30/25		870,000		861
3.250%, 9/15/26		360,000		352
3.850%, 3/30/27		164,000		162


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Industrial continued
5.400%, 3/15/27		390,000		400
John Deere Capital Corp. 4.200%, 7/15/27		690,000		696
Mohawk Industries, Inc. 5.850%, 9/18/28		310,000		327
Otis Worldwide Corp. 2.056%, 4/5/25		485,000		478
Owens Corning 3.400%, 8/15/26		257,000		253
5.500%, 6/15/27		340,000		351
Penske Truck Leasing Co. LP / PTL Finance Corp.
2.700%, 11/1/24 144A		497,000		496
5.350%, 1/12/27 144A		190,000		194
5.750%, 5/24/26 144A		980,000		998
Regal Rexnord Corp. 6.050%, 2/15/26		370,000		376
Republic Services, Inc. 0.875%, 11/15/25		120,000		116


Total				10,314



Technology (2.2%)
Analog Devices, Inc.
5.583%, (US SOFR Index plus 0.250%), 10/1/24		170,000		170
Atlassian Corp. 5.250%, 5/15/29		215,000		222
Cadence Design Systems, Inc. 4.200%, 9/10/27		285,000		286
CDW LLC/CDW Finance Corp. 5.100%, 3/1/30		160,000		162
Fiserv, Inc. 5.150%, 3/15/27		480,000		491
Fortinet, Inc. 1.000%, 3/15/26		380,000		362
Foundry JV Holdco LLC 5.900%, 1/25/30 144A		200,000		207
Hewlett Packard Enterprise Co. 4.450%, 9/25/26		645,000		646
Intel Corp. 3.750%, 8/5/27		325,000		319
4.000%, 8/5/29		350,000		342
4.875%, 2/10/28		108,000		109
Micron Technology, Inc. 4.185%, 2/15/27		95,000		95
4.975%, 2/6/26		100,000		101
5.375%, 4/15/28		575,000		592
NXP BV / NXP Funding LLC / NXP USA, Inc. 2.700%, 5/1/25		445,000		439
3.150%, 5/1/27		40,000		39
3.875%, 6/18/26		340,000		337
4.400%, 6/1/27		80,000		80
Oracle Corp. 2.500%, 4/1/25		1,250,000		1,236
Qorvo, Inc. 1.750%, 12/15/24		275,000		273
Roper Technologies, Inc. 1.000%, 9/15/25		115,000		111
Take-Two Interactive Software, Inc. 3.550%, 4/14/25		295,000		293
5.000%, 3/28/26		585,000		590

Short-Term Bond Portfolio


Corporate Bonds (43.8%)	Shares/ Par⁺		Value $ (000’s)
Technology continued
Western Digital Corp. 4.750%, 2/15/26		990,000		985
Workday, Inc. 3.500%, 4/1/27		265,000		261


Total				8,748



Utilities (2.9%)
The AES Corp. 3.300%, 7/15/25 144A		365,000		360
American Electric Power Co., Inc. 5.200%, 1/15/29		675,000		697
Appalachian Power Co. 3.300%, 6/1/27		854,000		834
Constellation Energy Generation LLC 5.600%, 3/1/28		315,000		329
DTE Energy Co. 4.220%, 11/1/24		550,000		549
4.950%, 7/1/27		295,000		300
Enel Finance International NV 1.625%, 7/12/26 144A		645,000		614
6.800%, 10/14/25 144A		200,000		205
Engie SA 5.250%, 4/10/29 144A		200,000		207
Exelon Corp. 5.150%, 3/15/29		200,000		207
FirstEnergy Corp. 3.900%, 7/15/27		400,000		396
FirstEnergy Transmission LLC 4.550%, 1/15/30 144A		155,000		156
Georgia Power Co. 5.004%, 2/23/27		175,000		179
NextEra Energy Capital Holdings, Inc. 1.875%, 1/15/27		685,000		650
4.450%, 6/20/25		540,000		539
5.749%, 9/1/25		280,000		283
6.051%, 3/1/25		255,000		256
NiSource, Inc. 5.250%, 3/30/28		130,000		134
Pacific Gas & Electric Co. 3.500%, 6/15/25		555,000		549
Sempra 3.300%, 4/1/25		385,000		382
5.400%, 8/1/26		270,000		275
Southern California Edison Co. 4.400%, 9/6/26		1,345,000		1,355
Southern California Gas Co. 2.950%, 4/15/27		410,000		399
The Southern Co. 5.113%, 8/1/27		350,000		358
Terraform Global Operating LP 6.125%, 3/1/26 144A		915,000		915
Vistra Operations Co. LLC 5.125%, 5/13/25 144A		234,000		233


Total				11,361



Total Corporate Bonds (Cost: $172,699)				173,542


Governments (26.0%)	Shares/ Par⁺		Value $ (000’s)
Governments (26.0%)
Korea Electric Power Corp.
5.375%, 4/6/26 144A		1,000,000		1,015
Korea Housing Finance Corp. 4.625%, 2/24/28 144A		960,000		974
Korea Hydro & Nuclear Power Co., Ltd. 1.250%, 4/27/26 144A		795,000		758
5.000%, 7/18/28 144A		250,000		256
US Treasury 3.500%, 9/30/26		9,125,000		9,100
3.750%, 8/31/26		23,090,000		23,123
3.750%, 8/15/27		4,865,000		4,888
4.375%, 7/31/26		22,760,000		23,034
4.625%, 6/30/26		22,590,000		22,938
4.875%, 5/31/26 ß		16,780,000		17,088


Total				103,174



Total Governments (Cost: $102,236)				103,174



Structured Products (28.0%)
Asset Backed Securities (15.6%)
Ally Auto Receivables Trust, Series 2023-A, Class B 6.010%, 1/17/34 144A		89,190		90
Ally Auto Receivables Trust, Series 2023-A, Class C 6.080%, 1/17/34 144A		165,680		169
Ally Bank Auto Credit, Series 2024-A, Class B 5.827%, 5/17/32 144A		217,942		221
Ally Bank Auto Credit, Series 2024-A, Class C 6.022%, 5/17/32 144A		217,942		221
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C 1.060%, 8/18/26		139,511		138
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C 0.890%, 10/19/26		332,188		327
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D 1.210%, 12/18/26		270,000		263
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D 1.290%, 6/18/27		575,000		550
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C 5.800%, 12/18/28		380,000		391
Apidos CLO, Ltd., Series 2018-18A, Class AR
6.432%, (US SOFR 3 Month plus 1.150%), 10/22/30 144A		609,703		610
Applebee’s Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2II 4.723%, 6/5/49 144A		485,100		477
ARI Fleet Lease Trust, Series 2024-B, Class A2 5.540%, 4/15/33 144A		455,000		460
Auxilior Term Funding LLC, Series 2023-1A, Class A2 6.180%, 12/15/28 144A		610,082		616
Auxilior Term Funding LLC, Series 2023-1A, Class A3 5.490%, 7/15/31 144A		240,000		246

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A 2.330%, 8/20/26 144A		250,000		246
Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class C 6.240%, 4/20/27 144A		165,000		166
Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class C 6.180%, 10/20/27 144A		120,000		121
AXIS Equipment Finance Receivables LLC, Series 2021-1A, Class D 2.300%, 11/22/27 144A		280,000		278
AXIS Equipment Finance Receivables LLC, Series 2024-1A, Class A2 5.380%, 1/21/31 144A		165,951		168
AXIS Equipment Finance Receivables LLC, Series 2024-1A, Class C 5.550%, 1/21/31 144A		125,000		129
AXIS Equipment Finance Receivables X LLC, Series 2022-1A, Class E 5.020%, 12/20/28 144A		415,000		414
Ballyrock CLO, Ltd., Series 2021-1A, Class A1
6.623%, (US SOFR 3 Month plus 1.322%), 4/15/34 144A		250,000		250
Bayview Opportunity Master Fund VII, Series 2024-CAR1, Class A
6.380%, (US 30 Day Average SOFR plus 1.100%), 12/26/31 144A		212,441		213
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A 3.280%, 9/26/33 144A		183,862		180
CarMax Auto Owner Trust, Series 2020-4, Class D 1.750%, 4/15/27		300,000		298
CarMax Auto Owner Trust, Series 2023-2, Class C 5.570%, 11/15/28		585,000		597
CarMax Auto Owner Trust, Series 2023-2, Class D 6.550%, 10/15/29		390,000		403
CarMax Auto Owner Trust, Series 2023-3, Class B 5.470%, 2/15/29		225,000		231
CarMax Auto Owner Trust, Series 2023-3, Class C 5.610%, 2/15/29		655,000		671
CarMax Auto Owner Trust, Series 2023-3, Class D 6.440%, 12/16/30		210,000		217
CarMax Auto Owner Trust, Series 2024-1, Class A4 4.940%, 8/15/29		150,000		153
CarMax Auto Owner Trust, Series 2024-1, Class C 5.470%, 8/15/29		290,000		297
CarMax Auto Owner Trust, Series 2024-2, Class D 6.420%, 10/15/30		100,000		104
CarMax Auto Owner Trust, Series 2024-3, Class A4 4.850%, 1/15/30		95,000		97


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
CarMax Auto Owner Trust, Series 2024-3, Class D 5.670%, 1/15/31		125,000		128
CarMax Select Receivables Trust, Series 2024-A, Class B 5.350%, 1/15/30		135,000		138
CarMax Select Receivables Trust, Series 2024-A, Class C 5.620%, 1/15/30		570,000		587
Carvana Auto Receivables Trust, Series 2024- N2, Class B 5.670%, 9/10/30 144A		405,000		414
Cedar Funding, Ltd., Series 2021-14A, Class A
6.663%, (US SOFR 3 Month plus 1.362%), 7/15/33 144A		695,000		695
Chase Auto Credit Linked Notes, Series 2021-3, Class B
0.760%, 2/26/29 144A		227,364		224
Clarus Capital Funding LLC, Series 2024-1A, Class A2 4.710%, 8/20/32 144A		100,000		100
Clarus Capital Funding LLC, Series 2024-1A, Class B 4.790%, 8/20/32 144A		155,000		155
CNH Equipment Trust, Series 2024-B, Class A3 5.190%, 9/17/29		245,000		251
CNH Equipment Trust, Series 2024-B, Class A4 5.230%, 11/17/31		220,000		228
Crossroads Asset Trust, Series 2024-A, Class A2 5.900%, 8/20/30 144A		210,000		213
CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2 4.760%, 3/22/49 144A		115,000		112
CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2 4.500%, 5/20/49 144A		878,000		854
Dell Equipment Finance Trust, Series 2023-3, Class D 6.750%, 10/22/29 144A		100,000		103
Dell Equipment Finance Trust, Series 2024-1, Class D 6.120%, 9/23/30 144A		100,000		102
DLLAA LLC, Series 2023-1A, Class A3 5.640%, 2/22/28 144A		395,000		404
DLLST LLC, Series 2024-1A, Class A3 5.050%, 8/20/27 144A		140,000		141
DLLST LLC, Series 2024-1A, Class A4 4.930%, 4/22/30 144A		40,000		41
Driven Brands Funding LLC, Series 2019-1A, Class A2 4.641%, 4/20/49 144A		368,550		365
Dryden Senior Loan Fund, Series 2020-86A, Class A1R
6.647%, (US SOFR 3 Month plus 1.362%), 7/17/34 144A		610,000		610
Elara HGV Timeshare Issuer LLC, Series 2019-A, Class A 2.610%, 1/25/34 144A		87,033		85

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
Elara HGV Timeshare Issuer LLC, Series 2023-A, Class A 6.160%, 2/25/38 144A		137,664		142
Elara HGV Timeshare Issuer LLC, Series 2023-A, Class C 7.300%, 2/25/38 144A		189,020		196
Enterprise Fleet Financing LLC, Series 2023-2, Class A2 5.560%, 4/22/30 144A		476,366		481
Enterprise Fleet Financing LLC, Series 2024-3, Class A3 4.980%, 8/21/28 144A		150,000		153
Enterprise Fleet Financing LLC, Series 2024-3, Class A4 5.060%, 3/20/31 144A		100,000		102
Exeter Automobile Receivables Trust, Series 2022-3A, Class C 5.300%, 9/15/27		190,000		190
Exeter Automobile Receivables Trust, Series 2022-4A, Class D 5.980%, 12/15/28		305,000		308
Exeter Automobile Receivables Trust, Series 2022-5A, Class C 6.510%, 12/15/27		965,000		972
Exeter Automobile Receivables Trust, Series 2023-1A, Class D 6.690%, 6/15/29		80,000		82
Exeter Automobile Receivables Trust, Series 2024-4A, Class C 5.480%, 8/15/30		420,000		426
Finance of America HECM Buyout, Series 2022-HB2, Class A1A 4.000%, (AFC), 8/1/32 144A		281,363		279
FirstKey Homes Trust, Series 2020-SFR1, Class D 2.241%, 8/17/37 144A		1,080,000		1,049
FirstKey Homes Trust, Series 2020-SFR2, Class D 1.968%, 10/19/37 144A		655,000		632
Ford Credit Auto Lease Trust, Series 2023-B, Class B 6.200%, 2/15/27		150,000		153
Ford Credit Auto Lease Trust, Series 2023-B, Class C 6.430%, 4/15/27		285,000		292
Ford Credit Auto Owner Trust, Series 2020-1, Class B 2.290%, 8/15/31 144A		445,000		440
Ford Credit Auto Owner Trust, Series 2020-2, Class C 1.740%, 4/15/33 144A		310,000		299
Ford Credit Auto Owner Trust, Series 2022-A, Class C 4.180%, 10/15/25		583,434		583
Ford Credit Auto Owner Trust, Series 2023-A, Class B 5.070%, 1/15/29		905,000		919
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class C 5.750%, 5/15/28 144A		245,000		248


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class D 6.620%, 5/15/28 144A		440,000		449
Ford Credit Floorplan Master Owner Trust, Series 2024-1, Class B 5.480%, 4/15/29 144A		280,000		287
Fortress Credit BSL XV, Ltd., Series 2022-2A, Class AR
6.679%, (US SOFR 3 Month plus 1.400%), 10/18/33 144A		460,000		461
GM Financial Automobile Leasing Trust, Series 2022-3, Class C 5.130%, 8/20/26		585,000		585
GM Financial Automobile Leasing Trust, Series 2023-1, Class C 5.760%, 1/20/27		970,000		978
GM Financial Automobile Leasing Trust, Series 2024-2, Class B 5.560%, 5/22/28		590,000		603
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B 5.030%, 9/18/28		155,000		157
Hardee’s Funding LLC, Series 2018-1A, Class A23 5.710%, 6/20/48 144A		267,900		264
Hardee’s Funding LLC, Series 2020-1A, Class A2 3.981%, 12/20/50 144A		1,001,000		941
Hilton Grand Vacations Trust, Series 2020-AA, Class A 2.740%, 2/25/39 144A		139,494		135
Hilton Grand Vacations Trust, Series 2022-1D, Class A 3.610%, 6/20/34 144A		99,867		98
Hilton Grand Vacations Trust, Series 2023-1A, Class B 6.110%, 1/25/38 144A		556,957		572
Hilton Grand Vacations Trust, Series 2023-1A, Class C 6.940%, 1/25/38 144A		104,010		108
Home Partners of America Trust, Series 2022-1, Class A 3.930%, 4/17/39 144A		150,098		148
HPEFS Equipment Trust, Series 2021-2A, Class D 1.290%, 3/20/29 144A		236,271		236
HPEFS Equipment Trust, Series 2023-1A, Class C 5.910%, 4/20/28 144A		355,000		359
HPEFS Equipment Trust, Series 2023-2A, Class C 6.480%, 1/21/31 144A		125,000		128
HPEFS Equipment Trust, Series 2023-2A, Class D 6.970%, 7/21/31 144A		125,000		129
HPEFS Equipment Trust, Series 2024-1A, Class C 5.330%, 6/20/31 144A		680,000		689
HPEFS Equipment Trust, Series 2024-2A, Class B 5.350%, 10/20/31 144A		100,000		102

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par⁺		Value $ (000’s)
Asset Backed Securities continued
HPEFS Equipment Trust, Series 2024-2A, Class D 5.820%, 4/20/32 144A		205,000		211
Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1 6.153%, 5/20/32 144A		572,248		582
Jack in the Box Funding LLC, Series 2022-1A, Class A2I 3.445%, 2/26/52 144A		394,250		377
JPMorgan Chase Bank NA, Series 2021-2, Class D 1.138%, 12/26/28 144A		8,783		9
Madison Park Funding XLII Ltd., Series 13A, Class AR
6.433%, (US SOFR 3 Month plus 1.150%), 11/21/30 144A		411,810		412
Madison Park Funding XXIII, Ltd., Series 2017-23A, Class AR
6.495%, (US SOFR 3 Month plus 1.232%), 7/27/31 144A		576,689		579
Madison Park Funding XXIII, Ltd., Series 2017-23A, Class BR
7.075%, (US SOFR 3 Month plus 1.812%), 7/27/31 144A		710,000		710
Madison Park Funding XXXIII, Ltd., Series 2022-33A, Class AR
6.591%, (US SOFR 3 Month plus 1.290%), 10/15/32 144A		1,025,000		1,025
Marble Point CLO XII, Ltd., Series 2018-1A, Class A
6.558%, (US SOFR 3 Month plus 1.272%), 7/16/31 144A		267,640		268
Marble Point CLO, Ltd., Series 2018-2A, Class A12R
6.482%, (US SOFR 3 Month plus 1.200%), 1/20/32 144A		1,139,138		1,139
MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class A1R
7.009%, (US SOFR 3 Month plus 1.730%), 10/18/33 144A		305,000		306
MidOcean Credit CLO XI, Ltd., Series 2022-11A, Class BR
7.929%, (US SOFR 3 Month plus 2.650%), 10/18/33 144A		455,000		457
MMAF Equipment Finance LLC, Series 2021- A, Class A5 1.190%, 11/13/43 144A		100,000		95
MVW Owner Trust, Series 2019-2A, Class A 2.440%, 10/20/38 144A		39,222		38
MVW Owner Trust, Series 2020-1A, Class A 1.740%, 10/20/37 144A		195,775		188
MVW Owner Trust, Series 2020-1A, Class B 2.730%, 10/20/37 144A		109,222		106
MVW Owner Trust, Series 2021-1WA, Class B 1.440%, 1/22/41 144A		34,468		33
MVW Owner Trust, Series 2021-1WA, Class C 1.940%, 1/22/41 144A		51,013		48
MVW Owner Trust, Series 2023-1A, Class A 4.930%, 10/20/40 144A		523,977		530
MVW Owner Trust, Series 2023-2A, Class A 6.180%, 11/20/40 144A		114,836		119


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
MVW Owner Trust, Series 2023-2A, Class B 6.330%, 11/20/40 144A		87,722		91
Navient Private Education Refi Loan Trust, Series 2019-A, Class A2A 3.420%, 1/15/43 144A		86,111		85
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2A 3.010%, 12/15/59 144A		136,779		133
Navient Private Education Refi Loan Trust, Series 2019-EA, Class A2A 2.640%, 5/15/68 144A		171,417		166
Navient Private Education Refi Loan Trust, Series 2019-GA, Class A 2.400%, 10/15/68 144A		268,555		258
Navient Private Education Refi Loan Trust, Series 2020-A, Class A2A 2.460%, 11/15/68 144A		182,507		176
Navient Private Education Refi Loan Trust, Series 2020-CA, Class A2A 2.150%, 11/15/68 144A		684,672		647
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A 1.690%, 5/15/69 144A		124,551		117
Navient Private Education Refi Loan Trust, Series 2020-GA, Class A 1.170%, 9/16/69 144A		79,715		74
Navient Private Education Refi Loan Trust, Series 2020-HA, Class A 1.310%, 1/15/69 144A		38,065		36
Navistar Financial Dealer Note Master Trust, Series 2023-1, Class A 6.180%, 8/25/28 144A		360,000		365
Navistar Financial Dealer Note Master Trust, Series 2024-1, Class A 5.590%, 4/25/29 144A		90,000		91
Navistar Financial Dealer Note Master Trust, Series 2024-1, Class B 5.790%, 4/25/29 144A		50,000		51
Navistar Financial Dealer Note Master Trust, Series 2024-1, Class C 6.130%, 4/25/29 144A		75,000		76
Nelnet Student Loan Trust, Series 2020-1A, Class A
5.709%, (US SOFR 1 Month plus 0.855%), 3/26/68 144A		71,255		71
Nelnet Student Loan Trust, Series 2021-CA, Class AFX 1.320%, 4/20/62 144A		471,978		437
Nelnet Student Loan Trust, Series 2021-DA, Class AFX 1.630%, 4/20/62 144A		164,706		154
Neuberger Berman CLO, Ltd., Series 2017-26A, Class BR
6.941%, (US SOFR 3 Month plus 1.662%), 10/18/30 144A		500,000		500
Neuberger Berman CLO, Ltd., Series 2019-32A, Class AR
6.531%, (US SOFR 3 Month plus 1.252%), 1/20/32 144A		236,131		236

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
Neuberger Berman CLO, Ltd., Series 2021-40A, Class A
6.608%, (US SOFR 3 Month plus 1.322%), 4/16/33 144A		268,022		268
Oaktree CLO, Ltd., Series 2022-2A, Class A1R
6.851%, (US SOFR 3 Month plus 1.550%), 7/15/33 144A		700,000		701
OCP CLO, Ltd., Series 2017-13A, Class A2R
7.113%, (US SOFR 3 Month plus 1.812%), 7/15/30 144A		760,000		761
Octane Receivables Trust, Series 2021-2A, Class A 1.210%, 9/20/28 144A		44,252		44
Octane Receivables Trust, Series 2022-1A, Class B 4.900%, 5/22/28 144A		395,000		395
Octane Receivables Trust, Series 2023-1A, Class A 5.870%, 5/21/29 144A		53,941		54
Octane Receivables Trust, Series 2023-1A, Class B 5.960%, 7/20/29 144A		225,000		228
Octane Receivables Trust, Series 2023-3A, Class B 6.480%, 7/20/29 144A		135,000		139
Octane Receivables Trust, Series 2023-3A, Class C 6.740%, 8/20/29 144A		100,000		104
OZLM Funding II, Ltd., Series 2012-2A, Class A1A2
6.455%, (US SOFR 3 Month plus 1.200%), 7/30/31 144A		476,076		476
OZLM XXI, Ltd., Series 2017-21A, Class A1R
6.432%, (US SOFR 3 Month plus 1.150%), 1/20/31 144A		800,649		801
Post Road Equipment Finance, Series 2024-1A, Class A2 5.590%, 11/15/29 144A		100,000		101
Rockford Tower CLO, Ltd., Series 2019-2A, Class AR2
5.821%, (US SOFR 3 Month plus 1.130%), 8/20/32 144A		1,055,000		1,055
Romark CLO II, Ltd., Series 2018-2A, Class A2R
6.935%, (US SOFR 3 Month plus 1.650%), 7/25/31 144A		1,075,000		1,077
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B 1.833%, 12/15/31 144A		11,464		11
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C 5.916%, 8/16/32 144A		26,879		27
Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class B 6.451%, 12/15/32 144A		252,613		254
Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class A2 5.644%, 12/15/33 144A		183,950		187
Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class D 6.663%, 12/15/33 144A		269,388		274


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class B 5.622%, 6/15/32 144A		250,000		253
Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class C 5.818%, 6/15/32 144A		250,000		253
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D 1.570%, 1/15/27 144A		450,000		436
Santander Drive Auto Receivables Trust, Series 2020-3, Class D 1.640%, 11/16/26		29,005		29
Santander Drive Auto Receivables Trust, Series 2021-4, Class D 1.670%, 10/15/27		450,000		440
Santander Drive Auto Receivables Trust, Series 2023-1, Class C 5.090%, 5/15/30		260,000		262
Santander Retail Auto Lease Trust, Series 2022-B, Class B 3.850%, 3/22/27 144A		150,000		149
SBNA Auto Lease Trust, Series 2024-A, Class A3 5.390%, 11/20/26 144A		145,000		146
SBNA Auto Lease Trust, Series 2024-A, Class A4 5.240%, 1/22/29 144A		140,000		142
SBNA Auto Lease Trust, Series 2024-B, Class A4 5.550%, 12/20/28 144A		540,000		553
SCF Equipment Leasing Trust, Series 2023-1A, Class A3 6.170%, 5/20/32 144A		470,000		492
SEB Funding LLC, Series 2024-1A, Class A2 7.386%, 4/30/54 144A		600,000		619
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3 4.950%, 5/21/29 144A		160,000		162
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C 5.510%, 1/20/32 144A		55,000		56
SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 5.260%, 8/20/30 144A		145,000		150
Sierra Receivables Funding Co. LLC, Series 2020-2A, Class C 3.510%, 7/20/37 144A		55,673		55
Sierra Receivables Funding Co. LLC, Series 2021-2A, Class B 1.800%, 9/20/38 144A		87,424		84
Sierra Receivables Funding Co. LLC, Series 2021-2A, Class C 1.950%, 9/20/38 144A		182,619		174
SMB Private Education Loan Trust, Series 2016-C, Class A2B
6.311%, (US SOFR 1 Month plus 1.215%), 9/15/34 144A		25,930		26
SMB Private Education Loan Trust, Series 2018-B, Class A2A 3.600%, 1/15/37 144A		64,027		63

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par⁺		Value $ (000’s)
Asset Backed Securities continued
SMB Private Education Loan Trust, Series 2018-B, Class A2B
5.931%, (US SOFR 1 Month plus 0.835%), 1/15/37 144A		153,207		153
SMB Private Education Loan Trust, Series 2020-BA, Class A1A 1.290%, 7/15/53 144A		84,313		79
SMB Private Education Loan Trust, Series 2020-PTB, Class A2A 1.600%, 9/15/54 144A		599,615		560
SMB Private Education Loan Trust, Series 2021-B, Class A 1.310%, 7/17/51 144A		412,754		383
Symphony CLO I, Ltd., Series 2021-1A, Class B
6.996%, (US SOFR 3 Month plus 1.712%), 10/25/29 144A		815,000		810
Symphony CLO XXIII, Ltd., Series 2021-23A, Class AR
6.583%, (US SOFR 3 Month plus 1.282%), 1/15/34 144A		902,486		903
Symphony CLO XXVI, Ltd., Series 2021-26A, Class AR
6.624%, (US SOFR 3 Month plus 1.342%), 4/20/33 144A		267,362		268
Tricon Residential Trust, Series 2024-SFR2, Class A 4.750%, 6/17/40 144A		279,826		280
Tricon Residential Trust, Series 2024-SFR2, Class D 6.000%, 6/17/40 144A		510,000		516
Trinitas CLO VI, Ltd., Series 2017-6A, Class ARRR
6.615%, (US SOFR 3 Month plus 1.330%), 1/25/34 144A		460,000		461
US Bank NA, Series 2023-1, Class B 6.789%, 8/25/32 144A		158,186		161
Verdant Receivables LLC, Series 2023-1A, Class A2 6.240%, 1/13/31 144A		464,255		474
Verdant Receivables LLC, Series 2024-1A, Class A2 5.680%, 12/12/31 144A		125,000		128
Voya CLO, Series 2018-3A, Class BR2
7.101%, (US SOFR 3 Month plus 1.800%), 10/15/31 144A		575,000		577
Wheels Fleet Lease Funding, Series 2023-2A, Class A 6.460%, 8/18/38 144A		722,347		731
Wheels Fleet Lease Funding, Series 2024-1A, Class A1 5.490%, 2/18/39 144A		640,000		650
World Omni Auto Receivables Trust, Series 2022-A, Class C 2.550%, 9/15/28		325,000		315
World Omni Select Auto Trust, Series 2021-A, Class D 1.440%, 11/15/27		180,000		174


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Asset Backed Securities continued
World Omni Select Auto Trust, Series 2023-A, Class B 5.870%, 8/15/28		445,000		453


Total				61,910



Mortgage Securities (12.4%)
Angel Oak Mortgage Trust, Series 2020-3, Class A3 2.872%, (AFC), 4/25/65 144A		39,318		37
Angel Oak Mortgage Trust, Series 2021-1, Class A1 0.909%, (AFC), 1/25/66 144A		239,812		207
Angel Oak Mortgage Trust, Series 2021-1, Class A2 1.115%, (AFC), 1/25/66 144A		70,259		61
Angel Oak Mortgage Trust, Series 2021-2, Class A1 0.985%, (AFC), 4/25/66 144A		235,246		201
Angel Oak Mortgage Trust, Series 2021-2, Class A2 1.190%, (AFC), 4/25/66 144A		74,201		64
Angel Oak Mortgage Trust, Series 2024-9, Class A2 6.341%, (AFC), 9/25/69 144A Σ		370,000		371
BANK, Series 2024-BNK47, Class A1 5.523%, 6/15/57		96,561		99
BANK5, Series 2024-5YR8, Class AS 6.378%, (CSTR), 8/15/57		370,000		390
BANK5, Series 2024-5YR9, Class A1 4.889%, 8/15/57		384,406		388
Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A5 2.500%, (AFC), 11/25/51 144A		297,430		266
BBCMS Mortgage Trust, Series 2024-C27, Class A1 5.502%, 7/15/57		129,173		132
BCP Trust, Series 2021-330N, Class A
6.010%, (US SOFR 1 Month plus 0.914%), 6/15/38 144A		290,000		269
Benchmark Mortgage Trust, Series 2024-V8, Class A1 5.514%, 7/15/57		237,381		242
Benchmark Mortgage Trust, Series 2024-V9, Class AS 6.064%, 8/15/57		475,000		496
BINOM Securitization Trust, Series 2021-INV1, Class A3 2.625%, (AFC), 6/25/56 144A		154,258		137
BMO Mortgage Trust, Series 2024-5C5, Class AS 6.364%, (AFC), 2/15/57		520,000		550
BPR Trust, Series 2021-TY, Class B
6.361%, (US SOFR 1 Month plus 1.265%), 9/25/38 144A		450,000		441
BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1 1.699%, (AFC), 4/26/60 144A		211,343		195
BSREP Commercial Mortgage Trust, Series 2021-DC, Class D
7.111%, (US SOFR 1 Month plus 2.015%), 8/15/38 144A		189,541		142

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par⁺		Value $ (000’s)
Mortgage Securities continued
BX Trust, Series 2021-ARIA, Class C
6.857%, (US SOFR 1 Month plus 1.761%), 10/15/36 144A		330,000		327
BX Trust, Series 2021-VIEW, Class A
6.491%, (US SOFR 1 Month plus 1.395%), 6/15/36 144A		255,000		250
BX Trust, Series 2024-MDHS, Class A
6.738%, (US SOFR 1 Month plus 1.641%), 5/15/41 144A		472,978		474
BX Trust, Series 2024-MDHS, Class B
6.938%, (US SOFR 1 Month plus 1.841%), 5/15/41 144A		472,978		473
CIM Trust, Series 2020-INV1, Class A2 2.500%, (AFC), 4/25/50 144A		256,782		219
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class B 3.630%, (CSTR), 5/10/35 144A		435,000		419
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class C 3.630%, (CSTR), 5/10/35 144A		255,000		244
Citigroup Mortgage Loan Trust, Series 2020- EXP2, Class A3 2.500%, 8/25/50 144A		238,725		209
Citigroup Mortgage Loan Trust, Series 2020- EXP2, Class A4 2.500%, (AFC), 8/25/50 144A		331,563		287
COLT Mortgage Loan Trust, Series 2020-3, Class A1 1.506%, (AFC), 4/27/65 144A		18,866		18
COLT Mortgage Loan Trust, Series 2021-1, Class A2 1.167%, (AFC), 6/25/66 144A		223,969		193
COMM Mortgage Trust, Series 2014-CR15, Class B 4.054%, (CSTR), 2/10/47		229,208		221
COMM Mortgage Trust, Series 2014-CR19, Class D 4.722%, (CSTR), 8/10/47 144A		93,427		87
COMM Mortgage Trust, Series 2017-PANW, Class D 4.343%, (CSTR, AFC), 10/10/29 144A		195,000		177
Credit Suisse Mortgage Trust, Series 2020- NET, Class A 2.256%, 8/15/37 144A		109,786		106
Credit Suisse Mortgage Trust, Series 2020- NET, Class D 3.830%, (CSTR), 8/15/37 144A		445,000		426
Cross Mortgage Trust, Series 2024-H6, Class A2 6.383%, (AFC), 9/25/69 144A ∑		400,000		400
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 3.718%, 8/15/48		305,000		301
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3 1.128%, (AFC), 5/25/65 144A		52,130		49
Deephaven Residential Mortgage Trust, Series 2021-2, Class A3 1.260%, (AFC), 4/25/66 144A		97,916		87


Structured Products (28.0%)	Shares/ Par⁺		Value $ (000’s)
Mortgage Securities continued
Ellington Financial Mortgage Trust, Series 2019-2, Class A3 3.046%, (AFC), 11/25/59 144A		33,626		33
Ellington Financial Mortgage Trust, Series 2021-2, Class A3 1.291%, (AFC), 6/25/66 144A		138,656		116
Ellington Financial Mortgage Trust, Series 2021-3, Class A3 1.550%, (AFC), 9/25/66 144A		147,199		123
Ellington Financial Mortgage Trust, Series 2024-INV2, Class A1 5.035%, (AFC), 10/25/69 144A		475,000		475
Ellington Financial Mortgage Trust, Series 2024-INV2, Class A2 5.289%, (AFC), 10/25/69 144A		165,000		165
Extended Stay America Trust, Series 2021- ESH, Class C
6.911%, (US SOFR 1 Month plus 1.815%), 7/15/38 144A		427,697		427
Federal Home Loan Mortgage Corp.
1.500%, 2/1/36		584,925		525
2.500%, 1/1/52		524,194		458
2.500%, 4/1/52		285,138		249
3.000%, 11/1/34		27,160		26
3.500%, 3/1/46		28,749		27
3.500%, 12/1/47		259,349		245
4.000%, 12/1/49		79,901		78
4.500%, 5/1/50		47,892		48
4.500%, 9/1/52		1,865,000		1,834
4.500%, 10/1/52		1,865,012		1,833
5.000%, 12/1/41		100,232		103
5.500%, 8/1/53		520,516		528
6.000%, 9/1/34		855		1
6.000%, 2/1/35		16,404		17
6.000%, 9/1/35		5,430		6
7.000%, 3/1/39		29,434		31
7.500%, 6/1/38		25,008		26
Federal Home Loan Mortgage Corp., Series 2017-SC02, Class M1 3.860%, (CSTR), 5/25/47 144A		11,874		12
Federal Home Loan Mortgage Corp., Series 3713, Class PA 2.000%, 2/15/40		16,658		16
Federal Home Loan Mortgage Corp., Series 4092, Class CL 1.250%, 6/15/27		31,711		31
Federal Home Loan Mortgage Corp., Series K753, Class A1 4.600%, 6/25/30		328,444		335
Federal National Mortgage Association
2.000%, 10/1/50		199,751		167
2.500%, 1/1/52		718,861		626
3.000%, 9/1/28		97,313		95
3.000%, 12/1/34		64,462		62
3.000%, 3/1/35		27,379		27
3.500%, 5/1/27		80,751		80
3.500%, 4/1/46		177,098		167
3.500%, 2/1/48		310,031		293
3.500%, 1/1/52		118,956		111
4.000%, 1/1/47		48,153		47
4.000%, 2/1/49		9,976		10

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Mortgage Securities continued
4.000%, 11/1/49		29,147		28
4.000%, 12/1/49		9,070		9
4.000%, 8/1/52		181,786		175
4.000%, 9/1/52		920,343		884
4.500%, 5/1/40		36,627		37
4.500%, 9/1/40		32,473		33
4.500%, 5/1/41		65,923		67
4.500%, 8/1/48		19,917		20
4.500%, 9/1/48		18,028		18
4.500%, 10/1/48		128,800		128
4.500%, 11/1/48		25,729		26
4.500%, 12/1/48		135,189		135
4.500%, 5/1/49		75,050		75
4.500%, 1/1/50		17,693		18
5.000%, 10/1/33		51,212		53
5.000%, 6/1/40		31,515		32
5.000%, 7/1/45		46,695		48
5.000%, 9/1/48		44,086		45
5.000%, 2/1/49		20,982		21
5.000%, 8/1/49		16,458		17
5.000%, 10/1/52		611,763		612
5.000%, 9/1/53		2,669,892		2,670
5.000%, 10/1/53		1,820,000		1,819
5.500%, 8/1/37		30,840		32
5.500%, 2/1/38		119,878		124
5.500%, 10/1/53		325,132		330
5.500%, 3/1/54		587,524		597
6.000%, 3/1/34		26,240		27
6.000%, 8/1/34		72,653		76
6.000%, 11/1/34		2,694		3
6.000%, 12/1/34		967		1
6.000%, 4/1/35		1,721		2
6.000%, 5/1/38		1,210		1
6.000%, 10/1/40		60,492		64
6.000%, 2/1/49		246,878		261
6.000%, 6/1/54		607,761		625
6.500%, 7/1/32		8,058		9
6.500%, 12/1/32		7,614		8
Federal National Mortgage Association, Series 2011-113, Class AG 2.500%, 11/25/26		6,265		6
Federal National Mortgage Association, Series 2017-90, Class KA 3.000%, 11/25/47		149,391		142
Federal National Mortgage Association, Series 2018-C03, Class 1EB2
6.245%, (US 30 Day Average SOFR plus 0.965%), 10/25/30		34,558		35
Flagstar Mortgage Trust, Series 2020-1INV, Class A11
5.819%, (US SOFR 1 Month plus 0.965%), 3/25/50 144A		92,694		88
Galton Funding Mortgage Trust, Series 2018-1, Class A33 3.500%, (AFC), 11/25/57 144A		23,105		21
Galton Funding Mortgage Trust, Series 2019-1, Class A21 4.500%, (AFC), 2/25/59 144A		24,357		24
Galton Funding Mortgage Trust, Series 2019-1, Class A32 4.000%, (AFC), 2/25/59 144A		10,597		10


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Mortgage Securities continued
Galton Funding Mortgage Trust, Series 2019- H1, Class M1
3.339%, (AFC), 10/25/59 144A		260,000		250
Galton Funding Mortgage Trust, Series 2020- H1, Class M1
2.832%, (AFC), 1/25/60 144A		285,000		244
Government National Mortgage Association
3.000%, 9/20/47		428,193		394
3.500%, 12/20/42		2,773		3
3.500%, 9/20/43		37,849		36
3.500%, 8/20/44		71,843		69
3.500%, 10/20/46		479		–π
3.500%, 11/20/46		28,920		28
3.500%, 1/20/47		31,696		30
3.500%, 7/20/52		985,954		926
4.000%, 3/20/48		60,283		59
4.000%, 4/20/50		215,700		209
4.000%, 10/20/50		136,556		133
4.000%, 9/20/52		181,306		175
4.500%, 7/20/41		153,975		156
5.000%, 3/20/34		148,940		153
5.000%, 1/20/48		24,199		25
5.000%, 2/20/48		121,821		125
5.500%, 6/20/37		34,393		36
5.500%, 9/15/45		102,516		106
5.500%, 3/20/48		17,817		18
5.500%, 12/20/48		9,824		10
5.500%, 2/20/49		128,927		132
Government National Mortgage Association TBA 5.000%, 10/15/54		310,000		311
5.500%, 10/15/54		1,045,000		1,055
GS Mortgage Backed Securities Trust, Series 2014-EB1A, Class 2A1
5.821%, (CSTR), 7/25/44 144A		2,333		2
GS Mortgage Securities Trust, Series 2021- ROSS, Class B
6.961%, (US SOFR 1 Month plus 1.865%), 5/15/26 144A		390,000		304
HILT Commercial Mortgage Trust, Series 2024-ORL, Class B
7.037%, (US SOFR 1 Month plus 1.941%), 5/15/37 144A		485,000		484
HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A
6.938%, (US SOFR 1 Month plus 1.842%), 9/15/41 144A		345,000		345
Imperial Fund Mortgage Trust, Series 2021- NQM2, Class A3 1.516%, (AFC), 9/25/56 144A		220,875		187
Imperial Fund Mortgage Trust, Series 2022- NQM4, Class A1 4.767%, (AFC), 6/25/67 144A Σ		663,588		659
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C
7.311%, (US SOFR 1 Month plus 2.215%), 9/15/29 144A		250,000		207

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Mortgage Securities continued
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-609M, Class B
7.231%, (US SOFR 1 Month plus 2.135%), 10/15/33 144A		540,000		505
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-609M, Class C
7.631%, (US SOFR 1 Month plus 2.535%), 10/15/33 144A		440,000		391
JP Morgan Mortgage Trust, Series 2020-INV1, Class A11
5.799%, (US SOFR 1 Month plus 0.945%), (AFC), 8/25/50 144A		38,607		36
JP Morgan Mortgage Trust, Series 2020-INV1, Class A15
3.500%, (AFC), 8/25/50 144A		62,849		58
KNDR Trust, Series 2021-KIND, Class C
6.964%, (US SOFR 1 Month plus 1.865%), 8/15/38 144A		575,276		563
LSTAR Commercial Mortgage Trust, Series 2017-5, Class AS
4.021%, 3/10/50 144A		340,000		320
MED Commercial Mortgage Trust, Series 2024-MOB, Class A
6.688%, (US SOFR 1 Month plus 1.592%), 5/15/41 144A		440,000		438
MetLife Securitization Trust, Series 2017-1A, Class A 3.000%, (AFC), 4/25/55 144A		59,379		57
MFRA Trust, Series 2021-INV1, Class A1 0.852%, (AFC), 1/25/56 144A		67,229		64
MFRA Trust, Series 2021-NQM2, Class A2
1.317%, (AFC), 11/25/64 144A		98,619		87
Morgan Stanley Capital I Trust, Series 2014-150E, Class A
3.912%, 9/9/32 144A		610,000		531
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-2, Class A4
2.500%, (AFC), 5/25/51 144A		118,059		106
New Residential Mortgage Loan Trust, Series 2021-INV2, Class A7
2.500%, (AFC), 9/25/51 144A		724,643		652
OBX Trust, Series 2019-EXP2, Class 2A2
6.592%, (US SOFR 1 Month plus 1.315%), 7/25/59 144A		44,088		44
OBX Trust, Series 2019-EXP3, Class 2A1
5.869%, (US SOFR 1 Month plus 1.015%), (AFC), 10/25/59 144A		45,651		46
OBX Trust, Series 2020-EXP1, Class 1A8 3.500%, 2/25/60 144A		132,577		120
OBX Trust, Series 2020-EXP1, Class 2A1
5.719%, (US SOFR 1 Month plus 0.865%), 2/25/60 144A		98,515		95
OBX Trust, Series 2020-EXP1, Class 2A2
5.919%, (US SOFR 1 Month plus 1.065%), 2/25/60 144A		58,626		56
OBX Trust, Series 2020-EXP2, Class A8 3.000%, (AFC), 5/25/60 144A		159,528		141
OBX Trust, Series 2020-EXP2, Class A9 3.000%, (AFC), 5/25/60 144A		39,882		35
OBX Trust, Series 2020-EXP3, Class 1A8 3.000%, (AFC), 1/25/60 144A		134,391		121


Structured Products (28.0%)	Shares/ Par ⁺		Value $ (000’s)
Mortgage Securities continued
OBX Trust, Series 2020-INV1, Class A5
3.500%, (AFC), 12/25/49 144A		36,407		33
Oceanview Mortgage Trust, Series 2022-1, Class A5
2.500%, (AFC), 12/25/51 144A		379,504		339
ONE Park Mortgage Trust, Series 2021-PARK, Class B
6.161%, (US SOFR 1 Month plus 1.065%), 3/15/36 144A		755,000		726
ONE Park Mortgage Trust, Series 2021-PARK, Class C
6.311%, (US SOFR 1 Month plus 1.215%), 3/15/36 144A		405,000		387
SDR Trust, Series 2024-DSNY, Class B
6.838%, (US SOFR 1 Month plus 1.741%), 5/15/39 144A		400,000		397
Sequoia Mortgage Trust, Series 2018-CH2, Class A21
4.000%, (AFC), 6/25/48 144A		17,843		17
Sequoia Mortgage Trust, Series 2018-CH2, Class A3
4.000%, (AFC), 6/25/48 144A		41,158		39
Sequoia Mortgage Trust, Series 2018-CH3, Class A19
4.500%, (AFC), 8/25/48 144A		1,834		2
SG Residential Mortgage Trust, Series 2020-2, Class A1
1.381%, (AFC), 5/25/65 144A		83,387		76
STACR Trust, Series 2021-DNA5, Class M2
6.930%, (US 30 Day Average SOFR plus 1.650%), 1/25/34 144A		124,567		125
STACR Trust, Series 2021-DNA7, Class M1
6.130%, (US 30 Day Average SOFR plus 0.850%), 11/25/41 144A		117,377		117
STACR Trust, Series 2021-DNA7, Class M2
7.080%, (US 30 Day Average SOFR plus 1.800%), 11/25/41 144A		375,000		379
STACR Trust, Series 2022-DNA5, Class M1A
8.230%, (US 30 Day Average SOFR plus 2.950%), 6/25/42 144A		409,356		421
STACR Trust, Series 2023-HQA3, Class A1
7.130%, (US 30 Day Average SOFR plus 1.850%), 11/25/43 144A		162,345		164
STACR Trust, Series 2024-HQA1, Class A1
6.530%, (US 30 Day Average SOFR plus 1.250%), 3/25/44 144A		696,928		697
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3
2.916%, (AFC), 9/27/49 144A		106,887		105
Starwood Mortgage Residential Trust, Series 2020-1, Class A2
2.408%, (AFC), 2/25/50 144A		146,312		140
Starwood Mortgage Residential Trust, Series 2021-2, Class A1
0.943%, (AFC), 5/25/65 144A		105,192		98
Starwood Mortgage Residential Trust, Series 2021-4, Class A1
1.162%, (AFC), 8/25/56 144A		513,536		452
Toorak Mortgage Corp., Series 2021-INV1, Class A2
1.409%, (AFC), 7/25/56 144A		92,785		82

Short-Term Bond Portfolio


Structured Products (28.0%)	Shares/ Par⁺		Value $ (000’s)
Mortgage Securities continued
Towd Point Mortgage Trust, Series 2015-1, Class A1 3.000%, (AFC), 1/28/58 144A		26,963		26
Towd Point Mortgage Trust, Series 2017-3, Class A1 2.750%, (AFC), 7/25/57 144A		17,503		17
Towd Point Mortgage Trust, Series 2022-4, Class A1 3.750%, (AFC), 9/25/62 144A		754,158		724
TX Trust, Series 2024-HOU, Class B 7.187%, (US SOFR 1 Month plus 2.091%), 6/15/39 144A		535,000		531
United Wholsale Mortgage LLC, Series 2021- INV2, Class A4 2.500%, (AFC), 9/25/51 144A		137,861		123
Verus Securitization Trust, Series 2019-INV2, Class A1 3.913%, (AFC), 7/25/59 144A		26,097		26
Verus Securitization Trust, Series 2019-INV2, Class A2 4.117%, (AFC), 7/25/59 144A		35,267		35
Verus Securitization Trust, Series 2020-2, Class A1 3.226%, (AFC), 5/25/60 144A		6,219		6
Verus Securitization Trust, Series 2020-5, Class A3 1.733%, (AFC), 5/25/65 144A Σ		53,444		51
Verus Securitization Trust, Series 2021-1, Class A1 0.815%, (AFC), 1/25/66 144A		69,188		63
Verus Securitization Trust, Series 2021-1, Class A3 1.155%, (AFC), 1/25/66 144A		56,483		51
Verus Securitization Trust, Series 2021-2, Class A1 1.031%, (AFC), 2/25/66 144A		128,220		116
Verus Securitization Trust, Series 2021-2, Class A2 1.052%, (AFC), 1/25/66 144A		96,020		87
Verus Securitization Trust, Series 2021-5, Class A3 1.373%, (AFC), 9/25/66 144A		181,926		157
Verus Securitization Trust, Series 2021-R1, Class A2 1.057%, (AFC), 10/25/63 144A		34,359		32
Verus Securitization Trust, Series 2021-R2, Class A1 0.918%, (AFC), 2/25/64 144A		134,099		123
Verus Securitization Trust, Series 2022-1, Class A3 3.288%, (AFC), 1/25/67 144A		798,024		738
Verus Securitization Trust, Series 2022-6, Class A1 4.910%, (AFC), 6/25/67 144A Σ		197,426		197
Verus Securitization Trust, Series 2023-6, Class A2 6.940%, (AFC), 9/25/68 144A Σ		225,442		230
Verus Securitization Trust, Series 2023-7, Class A2 7.270%, (AFC), 10/25/68 144A Σ		270,888		277


Structured Products (28.0%)	Shares/ Par⁺		Value $ (000’s)
Mortgage Securities continued
Verus Securitization Trust, Series 2023-8, Class A2 6.660%, (AFC), 12/25/68 144A Σ		180,491		183
Verus Securitization Trust, Series 2023-INV3, Class A2 7.330%, (AFC), 11/25/68 144A		496,867		510
Vista Point Securitization Trust, Series 2020-2, Class A3 2.496%, (AFC), 4/25/65 144A		36,008		34
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class A2 3.020%, 7/15/58		34,420		34


Total				49,068



Total Structured Products (Cost: $112,279)				110,978



Short-Term Investments (1.7%)
Commercial Paper (1.7%)
Brunswick Corp. 0.000%, 10/4/24		1,000,000		999
Conagra Brands, Inc. 0.000%, 10/15/24		1,150,000		1,148
Crown Castle, Inc. 0.000%, 10/24/24		1,150,000		1,146
Jabil, Inc. 0.000%, 10/4/24		1,150,000		1,149
Targa Resources Corp. 0.000%, 10/3/24		1,135,000		1,135
VF Corp. 0.000%, 11/13/24		1,150,000		1,143


Total				6,720



Total Short-Term Investments (Cost: $6,719)				6,720



Total Investments (99.5%) (Cost: $393,933)^@				394,414



Other Assets, Less Liabilities (0.5%)				1,946



Net Assets (100.0%)				396,360

Short-Term Bond Portfolio

Exchange Traded or Centrally Cleared Derivatives Futures


Issuer	Long/ Short		Currency		Notional Par (000’s)		Number of Contracts		Expiration Date		Notional Value (000’s)		Unrealized Appreciation/ (Depreciation) (000’s)			Variation Margin (000’s)
Five-Year US Treasury Note Future		Short		USD		6,300		63		12/24	$	6,923	$	38		$	23
Ten-Year US Treasury Note Future		Short		USD		5,800		58		12/24		6,628		(7	)		26
Two-Year US Treasury Note Future		Long		USD		91,400		457		12/24		95,167		162			(171	)
Ultra Long Term US Treasury Bond Future		Short		USD		900		9		12/24		1,198		3			7
Ultra Ten-Year US Treasury Note Future		Short		USD		4,500		45		12/24		5,323		3			23
													$	199		$	(92	)

Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection


Reference Entity	Receive Fixed Rate			Expiration Date		Implied Credit Spread			Notional Amount (000’s)		Currency		Upfront Premium Paid/ (Received) (000’s)		Unrealized Appreciation/ (Depreciation) (000’s)		Market Value(000’s)		Variation Margin(000’s)
Markit CDX North America		1.000	%		12/29		0.527	%		5,818		USD	$	132	$	(2)	$	130	$	–	π
Investment Grade Index, Series 43
													$	132	$	(2)	$	130	$	–	π

Financial Derivative Assets

Financial Derivative Liabilities

Variation Margin (000’s)

Market Value

(000’s)

Options

Swaps

Futures

Total

Swaps

Futures

Total

Total Exchange-Traded or

Centrally Cleared Derivatives

–

(171)

–

+	All par is stated in U.S. Dollar unless otherwise noted.

§	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. At September 30, 2024, the aggregate value of these securities was $7,178 (in thousands), representing 1.8% of net assets.

144A

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2024 the value of these securities (in thousands) was $123,243 representing 31.1% of the net assets.

α	Rate shown is the rate as of the period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future.

ß	Part or all of the security has been pledged as collateral.

Σ	Stepped coupon bond for which the coupon rate of interest adjusts on specified date(s); rate shown is effective rate at period-end.

π	Amount is less than one thousand.

At September 30, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $394,065 and the net unrealized appreciation of investments based on that cost was $678 which is comprised of $4,149 aggregate gross unrealized appreciation and $3,471 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report.

Short-Term Bond Portfolio

The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:

Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives

Level 2 - fair value is determined by other significant observable inputs

Level 3 - fair value is determined by significant unobservable inputs

The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.

The following is a summary of the inputs used in valuing the Portfolio’s Investments at September 30, 2024.


	Valuation Inputs
Description	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs
	(Amounts in thousands)

Assets:
Corporate Bonds	$	—		$	173,542	$	—
Governments		—			103,174		—
Structured Products		—			110,978		—
Short-Term Investments		—			6,720		—
Other Financial Instruments^
Futures		206			—		—
Credit Default Swaps		—			130		—

Total Assets:	$	206		$	394,544	$	—


Liabilities:
Other Financial Instruments^
Futures		(7	)		—		—

Total Liabilities:	$	(7	)	$	—	$	—

^ Other financial instruments are derivative instruments such as futures and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument, and securities sold short, reverse repurchase agreements, written options and swaps contracts, which are valued at market value.

Abbreviations (unaudited)

Abbreviations that may be used in the preceding statements


ADR		American Depositary Receipt
AFC		Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the underlying loans is lower than the uncapped rate, then the security will pay at the lower rate.
CSTR		Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral.
IO		Interest Only Security
PO		Principal Only Security
GDR		Global Depositary Receipt
GO		General Obligation
RB		Revenue Bond
CPURNSA		U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted
IBOR		Interbank Offered Rate
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
CME		Chicago Mercantile Exchange
ICE		Intercontinental Exchange
FTSE		Financial Times Stock Exchange
SONIA		Sterling Overnight Index Average Rate
SONIO		Sterling Overnight Interbank Average Rate
MUTKCALM		Bank of Japan Unsecured Overnight Call Rate
DAC		Designated Activity Company
TBA		To Be Announced
CMT		Constant Maturity Treasury
OIS		Overnight Index Swaps
BBR		Bank Bill Rate
BBSW		Bank Bill Swap Reference Rate
DIFC		Dubai International Financial Centre
EURIBOR		Euro Interbank Offered Rate
BRL-CDI		Brazil Interbank Deposit Rate
SDR		Swedish Depository Receipt
ETF		Exchange Traded Fund

Currency Abbreviations
AED		United Arab Emirates Dirham
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNH		Chinese Yuan Renminbi - Offshore
CNY		Chinese Yuan Renminbi
DKK		Danish Krone
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican New Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PEN		Peruvian Sol
PLN		Polish Zloty
RUB		Russian Ruble
SAR		Saudi Riyal
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand

Northwestern Mutual Series Fund NPORT-PShort-Term Bond Portfolio (Sep 2024 report)